Truist Financial Corp Cuts Stock Position in Ameriprise Financial, Inc. (NYSE:AMP)

Truist Financial Corp cut its position in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 11.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 159,111 shares of the financial services provider's stock after selling 20,065 shares during the period. Truist Financial Corp owned about 0.16% of Ameriprise Financial worth $84,715,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. CIBC Asset Management Inc boosted its stake in shares of Ameriprise Financial by 3.1% during the fourth quarter. CIBC Asset Management Inc now owns 15,082 shares of the financial services provider's stock valued at $8,030,000 after purchasing an additional 458 shares in the last quarter. Sanctuary Advisors LLC lifted its holdings in Ameriprise Financial by 0.5% during the fourth quarter. Sanctuary Advisors LLC now owns 16,374 shares of the financial services provider's stock worth $8,970,000 after buying an additional 88 shares during the period. J.W. Cole Advisors Inc. boosted its position in Ameriprise Financial by 9.4% during the 4th quarter. J.W. Cole Advisors Inc. now owns 755 shares of the financial services provider's stock valued at $402,000 after acquiring an additional 65 shares in the last quarter. Csenge Advisory Group increased its holdings in shares of Ameriprise Financial by 5.2% in the 4th quarter. Csenge Advisory Group now owns 794 shares of the financial services provider's stock valued at $423,000 after acquiring an additional 39 shares during the period. Finally, Strategic Financial Concepts LLC bought a new position in shares of Ameriprise Financial in the 4th quarter worth $10,066,000. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Ameriprise Financial Stock Performance

NYSE:AMP traded down $10.83 during trading hours on Friday, hitting $530.18. 690,237 shares of the company were exchanged, compared to its average volume of 555,326. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.59 and a quick ratio of 0.65. Ameriprise Financial, Inc. has a 52-week low of $385.74 and a 52-week high of $582.05. The stock has a market capitalization of $51.44 billion, a price-to-earnings ratio of 16.04, a PEG ratio of 1.19 and a beta of 1.36. The company's 50 day moving average price is $540.89 and its 200-day moving average price is $508.68.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $9.36 earnings per share for the quarter, beating analysts' consensus estimates of $9.16 by $0.20. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. As a group, research analysts forecast that Ameriprise Financial, Inc. will post 38.55 earnings per share for the current year.

Ameriprise Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Monday, February 10th will be issued a $1.48 dividend. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.12%. The ex-dividend date of this dividend is Monday, February 10th. Ameriprise Financial's dividend payout ratio is presently 17.91%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on AMP. Keefe, Bruyette & Woods raised their price objective on Ameriprise Financial from $560.00 to $570.00 and gave the company a "market perform" rating in a research report on Monday, February 3rd. Piper Sandler raised their price target on shares of Ameriprise Financial from $415.00 to $442.00 and gave the company an "underweight" rating in a report on Friday, January 31st. UBS Group lowered shares of Ameriprise Financial from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $580.00 to $570.00 in a research note on Monday, January 6th. Finally, Royal Bank of Canada restated an "outperform" rating and issued a $625.00 target price on shares of Ameriprise Financial in a research note on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $510.44.

Insider Transactions at Ameriprise Financial

In related news, CEO William F. Truscott sold 6,000 shares of the firm's stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $540.29, for a total transaction of $3,241,740.00. Following the completion of the transaction, the chief executive officer now owns 14,023 shares of the company's stock, valued at $7,576,486.67. This trade represents a 29.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Joseph Edward Sweeney sold 4,636 shares of the business's stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $539.07, for a total transaction of $2,499,128.52. Following the transaction, the insider now owns 7,237 shares of the company's stock, valued at $3,901,249.59. This represents a 39.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,636 shares of company stock worth $6,263,989 over the last three months. 0.73% of the stock is currently owned by insiders.

Ameriprise Financial Profile

Ameriprise Financial, Inc, together with its subsidiaries, provides various financial products and services to individual and institutional clients in the United States and internationally. It operates through four segments: Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other.